A round of exercise is the shareholder's priority. When they give up the exercise, they will postpone the exercise downwards according to the priority order, so that the second priority shareholder can exercise as round B, and so on.

Option analysis and valuation method refers to the right to buy or sell a certain quantity of a certain commodity at a certain price at a certain time in the future. It is a financial instrument based on futures, which gives the buyer the right to buy or sell the underlying assets.